During an event held on September 15th in Seoul, Kim Sang-hyun, Vice Chairman and CEO of Lotte Shopping, announced the company’s plans to open 2-3 additional shopping centers in Vietnam, aiming to more than double its operating profits by 2030.
“By 2030, we will launch two to three more shopping centers in Vietnam, similar to the Lotte Mall West Lake Hanoi that debuted in September 2023,” emphasized Kim Sang-hyun.
Currently, Lotte Shopping operates 3 department stores and 16 supermarkets in Vietnam, with Lotte Mall West Lake Hanoi being the most successful. Spanning 354,000 m² (equivalent to 50 football fields), this mall stands out from other domestic retail centers by featuring a mix of luxury and international fast-fashion brands.
Of the 233 stores, 40% are brands making their debut in Hanoi. High-end labels such as Chanel Beauty, Lancôme, and Coach have also established a presence in the mall.
As of June, the mall’s cumulative revenue surpassed 200 billion won, reaching 300 billion won (over 5.7 trillion VND) by December 2024. During the same period, total visitor numbers exceeded 12 million, surpassing Hanoi’s population of 8.6 million.
Lotte Shopping currently operates 3 department stores and 16 supermarkets in Vietnam.
In Hanoi, Lotte also operates another shopping center in Lieu Giai. Vietnam is considered Lotte’s third most important market, following South Korea and Japan.
At the event, Kim Sang-hyun stated that the group aims to achieve 20.3 trillion won in revenue and 1.3 trillion won in operating profit by 2030 by expanding its international business and focusing on retail technology as a “growth driver.”
In 2024, Lotte Shopping reported revenue and profit of 13.98 trillion won and 473.1 billion won, respectively. The company’s 2030 profit target is nearly triple this figure.
Lotte is targeting Vietnam’s premium consumer segment by implementing a Korean-style marketing strategy, leveraging the growing appeal of Korean culture and cuisine to tap into the market’s robust purchasing power.
In Southeast Asia, besides Vietnam, Lotte plans to expand its presence in Indonesia, where it currently operates 48 Lotte Mart supermarkets and one shopping center.
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